HUD Proposes Updates to HOME Grant Program

The agency’s proposal would streamline and modernize its largest affordable housing grant program, which will award $1.3 billion in FY 2024.

1 minute read

May 16, 2024, 6:00 AM PDT

By Diana Ionescu @aworkoffiction

New rules from the U.S. Department of Housing and Urban Development (HUD) modernize the HOME Investment Partnership Program (HOME). According to a HUD press release, “The proposed rule would streamline program requirements for states and localities, better align HOME funding with other federal housing resources, reduce administrative burden for communities and housing developers, improve assistance and protections for renters, strengthen the use of HOME for homeownership activities, and encourage green and climate resilient building practices.”

The program, the largest federal block grant for affordable housing, funds down payment assistance and closing costs, new housing construction, rehabilitation of existing housing, and some tenant-based rental assistance. “These updates would improve the ability of participating jurisdictions who receive HOME to implement funding more effectively and efficiently – making it easier for States and localities to use HOME to support low-income renters, homeowners, and homebuyers.”

The rule proposes simplifying requirements for homeownership and establishing a Blueprint for a Renters Bill of Rights. “The update would also expand opportunities for nonprofit organizations and developers who use HOME funding to create and retain renter or homeowner activities in their neighborhoods, such as revised requirements for community housing development organizations and community land trusts.” The rule also addresses incentives for green building and energy efficiency.

Wednesday, May 15, 2024 in U.S. Department of Housing and Urban Development

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